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SAHİPLİK YAPISININ SERMAYE YAPISINA ETKİLERİ: BORSA İSTANBUL’DA BİR ARAŞTIRMA

Yıl 2022, Cilt: 15 Sayı: 2, 281 - 319, 01.07.2022

Sevda Atesoglu Coskun Hakan Aracı

https://doi.org/10.29067/muvu.1031968

Öz

Bu çalışmada, sahiplik yapısının sermaye yapısına etkileri incelenmektir. Araştırmanın sonuçları, sermaye yapısı ve sahiplik yapısı kararlarını uyumlu hale getirebilmek için yöneticilere faydalı bilgiler sunmaktadır. Analizler, Borsa İstanbul sanayi sektöründe yüksek firma sayısına sahip üç alt sektörden yirmişer firmanın 2012-2017 dönemini kapsamaktadır. (1) Metal eşya, gereç ve makine yapımı; (2) Kimya, petrol, plastik ve kauçuk ürünleri; (3) Taş ve toprağa dayalı imalat sanayii sektörleri örnekleme dahil edilmiştir.
Panel veri analizi sonuçlarına göre yabancı sahiplik finansal kaldıracı azaltmaktadır. Yüksek kurumsal sahiplik payı veya yüksek halka açıklık oranı olan firmalar daha fazla kaldıraç kullanmaktadır. İkinci ve üçüncü ortakların sermaye payları; en büyük ortağın sermaye payına yakınlaştığında, borç kullanımı artmaktadır. Ancak, hakim hissedar payının sermaye yapısına istatistiki bir etkisi olduğuna yönelik kanıt elde edilememiştir. Çalışmada elde edilen bulgular sahiplik yapısının dolaylı veya direkt olarak, sermaye yapısına bazı etkileri olduğunu desteklemektedir.

Anahtar Kelimeler

Sahiplik Yapısı Sermaye Yapısı Finansal Kaldıraç Borç

Kaynakça

  • Aggarwal, R., & Kyaw, N. A. (2010). Capital Structure, Dividend Policy, and Multinationality: Theory Versus Empirical Evidence. International Review of Financial Analysis, 19(2), 140-150.
  • Agrawal, A., & Mandelker, G. N. (1990). Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments. Journal of Financial and Quantitative analysis, 143-161.
  • Akgül, E. F., & Sigalı, S. (2018). Determinants of Capital Structure: An Application on BIST Transportation Index. Journal of Accounting & Finance, (77).
  • Akhtar, S. (2005). The Determinants of Capital Structure for Australian Multinational and Domestic Corporations. Australian Journal of Management, 30(2), 321-341.
  • Al-Fayoumi, N. A., & Abuzayed, B. M. (2009). Ownership Structure and Corporate Financing. Applied Financial Economics, 19(24), 1975-1986. Anh, T. T. X., & Phuong, B. N. (2018). Impact of Ownership Structure on Capital Structure-Empirical Evidence from Listed Firms in Vietnam. DLSU Business & Economics Review, 28(1).
  • Bathala, C. T., Moon, K. P., & Rao, R. P. (1994). Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective. Financial Management, 38-50.
  • Berger, P. G., Ofek, E., & Yermack, D. L. (1997). Managerial Entrenchment and Capital Structure Decisions. The Journal of Finance, 52(4), 1411-1438.
  • Brailsford, T. J., Oliver, B. R. & Pua, S. L. H., (2002). On the Relation between Ownership Structure and Capital Structure, Journal of Accounting and Finance, Vol: 42, pp.1-26.
  • Brav, O. (2009). Access to Capital, Capital Structure, and the Funding of the Firm. The Journal of Finance, 64(1), 263-308. 183.
  • Büyükmert, N. (2015). İşletmelerde Sahiplik Yapısının Karlılık ve Sermaye Yapısı Üzerine Etkileri: Borsa İstanbul'da Ampirik Bir Uygulama (Yayımlanmamış Yüksek Lisans Tezi). Balıkesir Üniv. Sosyal Bilimler Enstitüsü.
  • Cespedes, J., Gonzalez, M., & Molina, C. A. (2010). Ownership and Capital Structure in Latin America. Journal of Business Research, 63(3), 248-254.
  • Chaganti, R., & Damanpour, F. (1991). Institutional Ownership, Capital Structure, and Firm Performance. Strategic Management Journal, 12(7), 479-491.
  • Chen, J., Jiang, C., & Lin, Y. (2014). What Determine Firms’ Capital Structure in China?. Managerial Finance.
  • Chung, C. Y., & Wang, K. (2014). Do Institutional Investors Monitor Management? Evidence from the Relationship between Institutional Ownership and Capital Structure. The North American Journal of Economics and Finance, 30, 203-233.
  • De La Bruslerie, H., & Latrous, I. (2012). Ownership Structure and Debt Leverage: Empirical Test of A Trade-Off Hypothesis on French Firms. Journal of Multinational Financial Management, 22(4), 111-130.
  • Demsetz, H. (1983). The Structure of Ownership and the Theory of the Firm. The Journal of Law and Economics, 26(2), 375-390.
  • Dewenter, K. L., & Malatesta, P. H. (2001). State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity. American Economic Review, 91(1), 320-334.
  • Driffield, N., Mahambare, V., & Pal, S. (2007). How Does Ownership Structure Affect Capital Structure and Firm Value? Recent Evidence from East Asia 1. Economics of Transition, 15(3), 535-573.
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics, 80(4), 549-560. 187.
  • Du, J., & Dai, Y. (2005). Ultimate Corporate Ownership Structures and Capital Structures: Evidence from East Asian Economies. Corporate Governance: An International Review, 13(1), 60-71.
  • Ege, İ., & Topaloğlu, T. N. (2017). Sahiplik Yapısının Sermaye Yapısı Kararlarına Etkisi: Borsa İstanbul’da Bir Uygulama. Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 5, 2.
  • Ellul, A. (2008). Control Motivations and Capital Structure Decision. Available at SSRN 1094997.
  • Ezeoha, A. E., & Okafor, F. O. (2010). Local Corporate Ownership and Capital Structure Decisions in Nigeria: A Developing Country Perspective. Corporate Governance: The International jIournal of Business in Society.
  • Fatemi, A. M. (1988). The Effect of International Diversification on Corporate Financing Policy. Journal of Business Research, 16(1), 17-30.
  • Friend, I., & Lang, L. H. (1988). An Empirical Test of the Impact of Managerial Self‐Interest on Corporate Capital Structure. the Journal of Finance, 43(2), 271-281.
  • Finnet Veri Tabanı. (2019). Çevrimiçi https://www.finnet2000plus.com
  • Ganguli, S. K. (2013). Capital Structure–Does Ownership Structure Matter? Theory and Indian Evidence. Studies in Economics and Finance.
  • Gonzalez, M., Guzman, A., Pombo, C., & Trujillo, M. A. (2013). Family Firms and Debt: Risk Aversion Versus Risk of Losing Control. Journal of Business Research, 66(11), 2308-2320.
  • Gürünlü, M., & Gürsoy, G. (2010). The Influence of Foreign Ownership on Capital Structure of Non-Financial Firms: Evidence from Istanbul Stock Exchange. IUP Journal of Corporate Governance, 9(4).
  • Harris, M., & Raviv, A. (1988). Corporate Control Contests and Capital Structure. Journal of Financial Economics, 20, 55-86.
  • Harris, M., & Raviv, A. (1991). The Theory of Capital Structure. The Journal of Finance, 46(1), 297-355.
  • Hoang, L. T., Nguyen, C. C., & Hu, B. (2017). Ownership Structure and Firm Performance Improvement: Does it Matter in the Vietnamese Stock Market?. Economic Papers: A Journal of Applied Economics and Policy, 36(4), 416-428.
  • Huang, G., & Song, F. M. (2006). The Determinants of Capital Structure: Evidence from China. China Economic Review, 17(1), 14–36. 192.
  • Huang, X., Kabir, R., & Zhang, L. (2018). Government Ownership and the Capital Structure of Firms: Analysis of An Institutional Context from China. China Journal of Accounting Research, 11(3), 171-185.
  • Jensen, M. C. & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
  • Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329.
  • Khan, F., & Nouman, M. (2017). Does Ownership Structure Affect Firm's Performance? Empirical Evidence from Pakistan. Empirical Evidence from Pakistan. Pakistan Business Review, 19(1).
  • Kim, W. S., & Sorensen, E. H. (1986). Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy. Journal of Financial and Quantitative Analysis, 131-144.
  • King, M. R., & Santor, E. (2008). Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms. Journal of Banking & Finance, 32(11), 2423-2432.
  • Li, K., Yue, H., & Zhao, L. (2006). Ownership, Institutions, and Capital Structure: Evidence from Chinese Firms. China (November 2007).
  • Li, K., Yue, H., & Zhao, L. (2009). Ownership, Institutions, and Capital Structure: Evidence from China. Journal of Comparative Economics, 37(3), 471-490.
  • Liu, Q., Tian, G., & Wang, X. (2011). The Effect of Ownership Structure on Leverage Decision: New Evidence from Chinese Listed Firms. Journal of the Asia Pacific Economy, 16(2), 254-276.
  • Margaritis, D., & Psillaki, M. (2010). Capital Structure, Equity Ownership and Firm Performance. Journal of Banking & Finance, 34(3), 621-632.
  • Mehran, H. (1995). Executive Compensation Structure, Ownership, and Firm Performance. Journal of Financial Economics, 38(2), 163-184.
  • Merkezi Kayıt Kuruluşu. (2019). E-Veri: Sermaye Piyasaları Veri Bankası. Çevrimiçi http://www.mkk.com.tr/tr/content/Yatirimci-Hizmetleri/e-VERI
  • Mishra, C. S., & McConaughy, D. L. (1999). Founding Family Control and Capital Structure: The Risk of Loss of Control and the Aversion to Debt. Entrepreneurship Theory and Practice, 23(4), 53-64.
  • Myers, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5(2), 147-175.
  • Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 574-592.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Informationthat Investors Do Not Have (No. w1396). National Bureau of Economic Research.
  • Oruç, E. (2012). Temsil Teorisi Çerçevesinde Sahiplik Yapısının İşletmelerin Finansal Kararları Üzerine Etkisi: İMKB Uygulaması.
  • Önem, H. B., & Demir, Y. (2015). Mülkiyet Yapısının Firma Performansına Etkisi: BIST İmalat Sektörü Üzerine Bir Uygulama. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 6(13), 31-43. 198.
  • Phung, D. N., & Le, T. P. V. (2013). Foreign Ownership, Capital Structure and Firm Performance: Empirical Evidence from Vietnamese Listed Firms. IUP Journal of Corporate Governance, 12(2).
  • Pindado, J., & De La Torre, C. (2011). Capital Structure: New Evidence from the Ownership Structure. International Review of Finance, 11(2), 213-226.
  • Pirzada, B. M., Mir, N. A., Qutub, N., Mehraj, O., Sabir, S., & Muneer, M. (2015). Synthesis, Characterization and Optimization of Photocatalytic Activity of Tio2/Zro2 Nanocomposite Heterostructures. Materials Science and Engineering: B, 193, 137-145.
  • Pound, J. (1988). Proxy Contests and the Efficiency of Shareholder Oversight. Journal of Financial Economics, 20, 237-265.
  • Pushner, G. M. (1995). Equity Ownership Structure, Leverage, and Productivity: Empirical Evidence from Japan. Pacific-Basin Finance Journal, 3(2-3), 241-255.
  • Santos, M. S., Moreira, A. C., & Vieira, E. S. (2014). Ownership Concentration, Contestability, Family Firms, and Capital Structure. Journal of Management & Governance, 18(4), 1063-1107. 200.
  • Sayilgan, G., & Sayman, Y. (2012). The Impact Of Ownership Structure On Capital Structure Of Manufacturing Firms: Evidence From The Ise (1998–2009). Quarterly Economics and Finance Review, 12(48), 1.
  • Sayilgan, G., Karabacak, H., & Kucukkocaoglu, G. (2006). The Firm-Specific Determinants of Corporate Capital Structure: Evidence from Turkish Panel Data. Investment Management and Financial Innovations, (3, Iss. 3), 125-139.
  • Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3, Part 1), 461-488.
  • Smith, M. P. (1996). Shareholder Activism by Institutional Investors: Evidence from Calpers. The Journal of Finance, 51(1), 227-252.
  • Stulz, R. (1988). Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control. Journal of Financial Economics, 20, 25-54.
  • Sun, J., Ding, L., Guo, J. M., & Li, Y. (2016). Ownership, Capital Structure and Financing Decision: Evidence from the UK. The British Accounting Review, 48(4), 448-463.
  • Thomsen, S., & Pedersen, T. (2000). Ownership Structure and Economic Performance in the Largest European Companies. Strategic Management Journal, 21(6), 689-705.
  • Toraman, C., & Okuyan, H. A. (2009). İşletmelerde Ortaklık Yapısında Yoğunlaşmanın Kaynak Yapısı Üzerindeki Etkisi: İMKB Şirketleri Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi, (41), 72-81.
  • Yerdelen Tatoğlu, F. (2016). Panel Veri Ekonometrisi. Beta Yayınları. 3. Baskı. İstanbul.
  • Zhang, G. (1998). Ownership Concentration, Risk Aversion and the Effect of Financial Structure on İnvestment Decisions. European Economic Review, 42(9), 1751-1778.
  • Zhang, L. (2013). The Impact of Ownership Structure on Capital Structure Evidence from Listed Firms in China (Unpublished PHD Thesis). University of Twente. China. Çevrimiçi https://essay.utwente.nl/63773/1/Master_ Thesis_Lingling_Zhang_%28s1176625%29.pdf Zou, H., & Xiao, J. Z. (2006). The Financing Behaviour of Listed Chinese Firms. The British Accounting Review, 38(3), 239-258.

THE EFFECTS OF OWNERSHIP STRUCTURE ON CAPITAL STRUCTURE: A STUDY ON BORSA ISTANBUL

Yıl 2022, Cilt: 15 Sayı: 2, 281 - 319, 01.07.2022

Sevda Atesoglu Coskun Hakan Aracı

https://doi.org/10.29067/muvu.1031968

Öz

The study examines the effects of ownership structure on capital structure. Results of this research provide useful information for managers to align their capital structure and ownership structure decisions. The research covered the period of 2012-2017 for twenty companies selected from three sub-sectors with the largest numbers of companies in Borsa İstanbul Manufacturing Industry. (1) Metal products, equipment and machinery; (2) Chemical, rubber, petroleum and plastic products; (3) Non-metallic mineral products sectors are included in the sample.
According to the results of the panel data analysis, foreign ownership reduces financial leverage. Firms with high corporate ownership or high free-float rate use have higher leverage. When the stakes of the second and third largest shareholders get closer to the largest shareholder's level, the debt ratio decreases. However, there is no evidence about a significant effect of the largest shareholder’s stake on capital structure. The findings obtained in the study support that the ownership structure has some influence on the capital structure either directly or indirectly.

Anahtar Kelimeler

Ownership Structure Capital Structure Financial Leverage Debt

Kaynakça

  • Aggarwal, R., & Kyaw, N. A. (2010). Capital Structure, Dividend Policy, and Multinationality: Theory Versus Empirical Evidence. International Review of Financial Analysis, 19(2), 140-150.
  • Agrawal, A., & Mandelker, G. N. (1990). Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments. Journal of Financial and Quantitative analysis, 143-161.
  • Akgül, E. F., & Sigalı, S. (2018). Determinants of Capital Structure: An Application on BIST Transportation Index. Journal of Accounting & Finance, (77).
  • Akhtar, S. (2005). The Determinants of Capital Structure for Australian Multinational and Domestic Corporations. Australian Journal of Management, 30(2), 321-341.
  • Al-Fayoumi, N. A., & Abuzayed, B. M. (2009). Ownership Structure and Corporate Financing. Applied Financial Economics, 19(24), 1975-1986. Anh, T. T. X., & Phuong, B. N. (2018). Impact of Ownership Structure on Capital Structure-Empirical Evidence from Listed Firms in Vietnam. DLSU Business & Economics Review, 28(1).
  • Bathala, C. T., Moon, K. P., & Rao, R. P. (1994). Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective. Financial Management, 38-50.
  • Berger, P. G., Ofek, E., & Yermack, D. L. (1997). Managerial Entrenchment and Capital Structure Decisions. The Journal of Finance, 52(4), 1411-1438.
  • Brailsford, T. J., Oliver, B. R. & Pua, S. L. H., (2002). On the Relation between Ownership Structure and Capital Structure, Journal of Accounting and Finance, Vol: 42, pp.1-26.
  • Brav, O. (2009). Access to Capital, Capital Structure, and the Funding of the Firm. The Journal of Finance, 64(1), 263-308. 183.
  • Büyükmert, N. (2015). İşletmelerde Sahiplik Yapısının Karlılık ve Sermaye Yapısı Üzerine Etkileri: Borsa İstanbul'da Ampirik Bir Uygulama (Yayımlanmamış Yüksek Lisans Tezi). Balıkesir Üniv. Sosyal Bilimler Enstitüsü.
  • Cespedes, J., Gonzalez, M., & Molina, C. A. (2010). Ownership and Capital Structure in Latin America. Journal of Business Research, 63(3), 248-254.
  • Chaganti, R., & Damanpour, F. (1991). Institutional Ownership, Capital Structure, and Firm Performance. Strategic Management Journal, 12(7), 479-491.
  • Chen, J., Jiang, C., & Lin, Y. (2014). What Determine Firms’ Capital Structure in China?. Managerial Finance.
  • Chung, C. Y., & Wang, K. (2014). Do Institutional Investors Monitor Management? Evidence from the Relationship between Institutional Ownership and Capital Structure. The North American Journal of Economics and Finance, 30, 203-233.
  • De La Bruslerie, H., & Latrous, I. (2012). Ownership Structure and Debt Leverage: Empirical Test of A Trade-Off Hypothesis on French Firms. Journal of Multinational Financial Management, 22(4), 111-130.
  • Demsetz, H. (1983). The Structure of Ownership and the Theory of the Firm. The Journal of Law and Economics, 26(2), 375-390.
  • Dewenter, K. L., & Malatesta, P. H. (2001). State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity. American Economic Review, 91(1), 320-334.
  • Driffield, N., Mahambare, V., & Pal, S. (2007). How Does Ownership Structure Affect Capital Structure and Firm Value? Recent Evidence from East Asia 1. Economics of Transition, 15(3), 535-573.
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics, 80(4), 549-560. 187.
  • Du, J., & Dai, Y. (2005). Ultimate Corporate Ownership Structures and Capital Structures: Evidence from East Asian Economies. Corporate Governance: An International Review, 13(1), 60-71.
  • Ege, İ., & Topaloğlu, T. N. (2017). Sahiplik Yapısının Sermaye Yapısı Kararlarına Etkisi: Borsa İstanbul’da Bir Uygulama. Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 5, 2.
  • Ellul, A. (2008). Control Motivations and Capital Structure Decision. Available at SSRN 1094997.
  • Ezeoha, A. E., & Okafor, F. O. (2010). Local Corporate Ownership and Capital Structure Decisions in Nigeria: A Developing Country Perspective. Corporate Governance: The International jIournal of Business in Society.
  • Fatemi, A. M. (1988). The Effect of International Diversification on Corporate Financing Policy. Journal of Business Research, 16(1), 17-30.
  • Friend, I., & Lang, L. H. (1988). An Empirical Test of the Impact of Managerial Self‐Interest on Corporate Capital Structure. the Journal of Finance, 43(2), 271-281.
  • Finnet Veri Tabanı. (2019). Çevrimiçi https://www.finnet2000plus.com
  • Ganguli, S. K. (2013). Capital Structure–Does Ownership Structure Matter? Theory and Indian Evidence. Studies in Economics and Finance.
  • Gonzalez, M., Guzman, A., Pombo, C., & Trujillo, M. A. (2013). Family Firms and Debt: Risk Aversion Versus Risk of Losing Control. Journal of Business Research, 66(11), 2308-2320.
  • Gürünlü, M., & Gürsoy, G. (2010). The Influence of Foreign Ownership on Capital Structure of Non-Financial Firms: Evidence from Istanbul Stock Exchange. IUP Journal of Corporate Governance, 9(4).
  • Harris, M., & Raviv, A. (1988). Corporate Control Contests and Capital Structure. Journal of Financial Economics, 20, 55-86.
  • Harris, M., & Raviv, A. (1991). The Theory of Capital Structure. The Journal of Finance, 46(1), 297-355.
  • Hoang, L. T., Nguyen, C. C., & Hu, B. (2017). Ownership Structure and Firm Performance Improvement: Does it Matter in the Vietnamese Stock Market?. Economic Papers: A Journal of Applied Economics and Policy, 36(4), 416-428.
  • Huang, G., & Song, F. M. (2006). The Determinants of Capital Structure: Evidence from China. China Economic Review, 17(1), 14–36. 192.
  • Huang, X., Kabir, R., & Zhang, L. (2018). Government Ownership and the Capital Structure of Firms: Analysis of An Institutional Context from China. China Journal of Accounting Research, 11(3), 171-185.
  • Jensen, M. C. & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
  • Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329.
  • Khan, F., & Nouman, M. (2017). Does Ownership Structure Affect Firm's Performance? Empirical Evidence from Pakistan. Empirical Evidence from Pakistan. Pakistan Business Review, 19(1).
  • Kim, W. S., & Sorensen, E. H. (1986). Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy. Journal of Financial and Quantitative Analysis, 131-144.
  • King, M. R., & Santor, E. (2008). Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms. Journal of Banking & Finance, 32(11), 2423-2432.
  • Li, K., Yue, H., & Zhao, L. (2006). Ownership, Institutions, and Capital Structure: Evidence from Chinese Firms. China (November 2007).
  • Li, K., Yue, H., & Zhao, L. (2009). Ownership, Institutions, and Capital Structure: Evidence from China. Journal of Comparative Economics, 37(3), 471-490.
  • Liu, Q., Tian, G., & Wang, X. (2011). The Effect of Ownership Structure on Leverage Decision: New Evidence from Chinese Listed Firms. Journal of the Asia Pacific Economy, 16(2), 254-276.
  • Margaritis, D., & Psillaki, M. (2010). Capital Structure, Equity Ownership and Firm Performance. Journal of Banking & Finance, 34(3), 621-632.
  • Mehran, H. (1995). Executive Compensation Structure, Ownership, and Firm Performance. Journal of Financial Economics, 38(2), 163-184.
  • Merkezi Kayıt Kuruluşu. (2019). E-Veri: Sermaye Piyasaları Veri Bankası. Çevrimiçi http://www.mkk.com.tr/tr/content/Yatirimci-Hizmetleri/e-VERI
  • Mishra, C. S., & McConaughy, D. L. (1999). Founding Family Control and Capital Structure: The Risk of Loss of Control and the Aversion to Debt. Entrepreneurship Theory and Practice, 23(4), 53-64.
  • Myers, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5(2), 147-175.
  • Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 574-592.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Informationthat Investors Do Not Have (No. w1396). National Bureau of Economic Research.
  • Oruç, E. (2012). Temsil Teorisi Çerçevesinde Sahiplik Yapısının İşletmelerin Finansal Kararları Üzerine Etkisi: İMKB Uygulaması.
  • Önem, H. B., & Demir, Y. (2015). Mülkiyet Yapısının Firma Performansına Etkisi: BIST İmalat Sektörü Üzerine Bir Uygulama. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 6(13), 31-43. 198.
  • Phung, D. N., & Le, T. P. V. (2013). Foreign Ownership, Capital Structure and Firm Performance: Empirical Evidence from Vietnamese Listed Firms. IUP Journal of Corporate Governance, 12(2).
  • Pindado, J., & De La Torre, C. (2011). Capital Structure: New Evidence from the Ownership Structure. International Review of Finance, 11(2), 213-226.
  • Pirzada, B. M., Mir, N. A., Qutub, N., Mehraj, O., Sabir, S., & Muneer, M. (2015). Synthesis, Characterization and Optimization of Photocatalytic Activity of Tio2/Zro2 Nanocomposite Heterostructures. Materials Science and Engineering: B, 193, 137-145.
  • Pound, J. (1988). Proxy Contests and the Efficiency of Shareholder Oversight. Journal of Financial Economics, 20, 237-265.
  • Pushner, G. M. (1995). Equity Ownership Structure, Leverage, and Productivity: Empirical Evidence from Japan. Pacific-Basin Finance Journal, 3(2-3), 241-255.
  • Santos, M. S., Moreira, A. C., & Vieira, E. S. (2014). Ownership Concentration, Contestability, Family Firms, and Capital Structure. Journal of Management & Governance, 18(4), 1063-1107. 200.
  • Sayilgan, G., & Sayman, Y. (2012). The Impact Of Ownership Structure On Capital Structure Of Manufacturing Firms: Evidence From The Ise (1998–2009). Quarterly Economics and Finance Review, 12(48), 1.
  • Sayilgan, G., Karabacak, H., & Kucukkocaoglu, G. (2006). The Firm-Specific Determinants of Corporate Capital Structure: Evidence from Turkish Panel Data. Investment Management and Financial Innovations, (3, Iss. 3), 125-139.
  • Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3, Part 1), 461-488.
  • Smith, M. P. (1996). Shareholder Activism by Institutional Investors: Evidence from Calpers. The Journal of Finance, 51(1), 227-252.
  • Stulz, R. (1988). Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control. Journal of Financial Economics, 20, 25-54.
  • Sun, J., Ding, L., Guo, J. M., & Li, Y. (2016). Ownership, Capital Structure and Financing Decision: Evidence from the UK. The British Accounting Review, 48(4), 448-463.
  • Thomsen, S., & Pedersen, T. (2000). Ownership Structure and Economic Performance in the Largest European Companies. Strategic Management Journal, 21(6), 689-705.
  • Toraman, C., & Okuyan, H. A. (2009). İşletmelerde Ortaklık Yapısında Yoğunlaşmanın Kaynak Yapısı Üzerindeki Etkisi: İMKB Şirketleri Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi, (41), 72-81.
  • Yerdelen Tatoğlu, F. (2016). Panel Veri Ekonometrisi. Beta Yayınları. 3. Baskı. İstanbul.
  • Zhang, G. (1998). Ownership Concentration, Risk Aversion and the Effect of Financial Structure on İnvestment Decisions. European Economic Review, 42(9), 1751-1778.
  • Zhang, L. (2013). The Impact of Ownership Structure on Capital Structure Evidence from Listed Firms in China (Unpublished PHD Thesis). University of Twente. China. Çevrimiçi https://essay.utwente.nl/63773/1/Master_ Thesis_Lingling_Zhang_%28s1176625%29.pdf Zou, H., & Xiao, J. Z. (2006). The Financing Behaviour of Listed Chinese Firms. The British Accounting Review, 38(3), 239-258.
Toplam 68 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Sayı
Yazarlar

Sevda Atesoglu Coskun 0000-0002-3537-8279

Hakan Aracı 0000-0002-0689-7360

Yayımlanma Tarihi 1 Temmuz 2022
Gönderilme Tarihi 3 Aralık 2021
Kabul Tarihi 7 Mart 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 15 Sayı: 2

Kaynak Göster

APA Atesoglu Coskun, S., & Aracı, H. (2022). SAHİPLİK YAPISININ SERMAYE YAPISINA ETKİLERİ: BORSA İSTANBUL’DA BİR ARAŞTIRMA. Journal of Accounting and Taxation Studies, 15(2), 281-319. https://doi.org/10.29067/muvu.1031968
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